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Bennett son’s failed deals aired

The borrowings and bad business dealings of the son of billionaire mining magnate Angela Bennett were laid bare in a Perth court yesterday — including him buying almost $250,000 worth of Italian jeans that ended up being donated to Good Samaritan.

Grant Bennett, son of Mrs Bennett and grandson of Lang Hancock’s late iron ore exploration partner Peter Wright, was declared bankrupt last year after a property deal based in Boddington landed him with a $10 million court claim from the family of Primo Smallgoods founder John Hunt.

Grant Bennett was declared bankrupt last year.

Yesterday, the trustee of that bankrupt estate publicly quizzed Mr Bennett in'''''' the Federal Court over the various business deals which led to his insolvency.

His media-shy mother, whose iron ore holdings are estimated to be worth about $1 billion, was not in court.

From the questions in court emerged some of Mr Bennett’s various business failings, including the deal with owners of WA’s chilli festival which imported the jeans from Italy but never saw them sold.

Eventually they were donated to the Good Sammies and Mr Bennett told the court that a $57,000 deduction on his tax return for that year was related to the donation.

The father of four admitted that many of his businesses ended up being wound up or given away for nothing as bankruptcy loomed. And even the insurance on his $2.5 million house in Mosman Park was paid for by his mum.

Other failed business ventures included a plan to sell VOIP technology to schools, to invest in solar technology and to explore for undersea diamonds — many of which were funded by Mrs Bennett, or her companies.

It was also revealed that Mr Bennett is now working directly for his mother, earning $90,000 to arrange the purchase and renovation of properties in WA and abroad, including a villa in Bali.

Mrs Bennett is not directly involved in her son’s expensive spat with Mr Hunt’s finance company JWH Nominees.

But the billionaire is slated to answer questions at court about her son’s bankruptcy in October.

Mr Bennett, 46, was in a Federal Court witness box for several hours explaining his actions before and after he declared bankruptcy, and details about his personal spending.

He said his 2007 Mitsubishi utility was lent to him by his mother.

The interrogation over the bankruptcy will continue today, with more questions for Mr Bennett and the quizzing of Craig Byron, chief financial officer at AMB Holdings, which houses Mrs Bennett’s interests.